USD/JPY's near term correction accelerates lower today and the development drags down other Yen crosses too. There is no apparent reason for the rush into Yen. Stocks, yields, metals, and oil are all steady for now. We'll monitor if the Yen's rally is a prelude to some other developments in the markets. For now, Kiwi and Aussie are following Yen as next strongest. Euro is following Dollar as second weakest for today. Technically, EUR/JPY's break of 129.63 minor support suggests that consolidation from 130.65 is extending with a third leg, down back towards 128.28 support. Similar development is seen in AUD/JPY, which is extending the corrective pattern from 85.43 towards 82.27 support. NZD/JPY should also be extending the corrective pattern form 79.12 with a third leg back towards 75.61 support. In Europe, FTSE is up 0.45%. DAX is up 0.02%. CAC is up 0.36%. Germany 10-year yield is down -0.010 at -0.329. Earlier in Asia, Nikkei dropped -0.07%. Hong Kong HSI rose 1.16%. China Shanghai SSE rose 0.08%. Singapore Strait Times dropped -0.29%. Japan 10-year JGB yield closed flat at 0.101. |